Varonis Systems (VRNS) 10-Q 5 May 17 2017 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 03, 2017
Document Information [Line Items]
Entity Registrant Name	VARONIS SYSTEMS INC
Entity Central Index Key	1,361,113
Trading Symbol	vrns
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		27,216,804
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 51,070	$ 48,315
Short-term deposits	70,250	65,493
Trade receivables (net of allowance for doubtful accounts of $429 and $372 at March 31, 2017 and December 31, 2016, respectively)	27,466	53,861
Prepaid expenses and other current assets	7,792	3,650
Total current assets	156,578	171,319
Long-term assets:
Other assets	778	609
Property and equipment, net	10,786	9,910
Total long-term assets	11,564	10,519
Total assets	168,142	181,838
Current liabilities:
Trade payables	1,582	1,288
Accrued expenses and other short term liabilities	21,579	28,479
Deferred revenues	54,576	58,478
Total current liabilities	77,737	88,245
Long-term liabilities:
Deferred revenues	4,261	3,562
Severance pay	1,445	1,664
Other liabilities	5,429	5,628
Total long-term liabilities	11,135	10,854
Stockholders’ equity:
Common stock of $0.001 par value - Authorized: 200,000,000 shares at March 31, 2017 and December 31, 2016; Issued and outstanding: 27,204,790 shares at March 31, 2017 and 26,821,762 shares at December 31, 2016	27	27
Accumulated other comprehensive income (loss)	1,645	(479)
Additional paid-in capital	197,237	189,335
Accumulated deficit	(119,639)	(106,144)
Total stockholders’ equity	79,270	82,739
Total liabilities and stockholders’ equity	$ 168,142	$ 181,838

Consolidated Balance Sheets (C3

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Allowance for doubtful accounts	$ 429	$ 372
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	27,204,790	26,821,762
Common stock, shares outstanding (in shares)	27,204,790	26,821,762

Unaudited Consolidated Statemen

Unaudited Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues:
Licenses	$ 19,155	$ 13,844
Maintenance and services	21,225	16,626
Total revenues	40,380	30,470
Cost of revenues	4,672	3,496
Gross profit	35,708	26,974
Operating costs and expenses:
Research and development	10,409	8,837
Sales and marketing	30,811	24,364
General and administrative	5,513	4,562
Total operating expenses	46,733	37,763
Operating loss	(11,025)	(10,789)
Financial income, net	469	645
Loss before income taxes	(10,556)	(10,144)
Income taxes	(323)	(206)
Net loss	$ (10,879)	$ (10,350)
Net loss per share of common stock, basic and diluted (in dollars per share)	$ (0.40)	$ (0.40)
Weighted average number of shares used in computing net loss per share of common stock, basic and diluted (in shares)	26,951,205	26,117,073

Unaudited Consolidated Stateme5

Unaudited Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Net loss	$ (10,879)	$ (10,350)
Other comprehensive income:
Unrealized gains on derivative instruments	2,124	1,224
Total other comprehensive income	2,124	1,224
Comprehensive loss	$ (8,755)	$ (9,126)

Unaudited Consolidated Stateme6

Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net loss	$ (10,879)	$ (10,350)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation	622	497
Stock-based compensation	4,404	2,624
Changes in assets and liabilities:
Trade receivables	26,395	23,036
Prepaid expenses and other current assets	(2,497)	(648)
Trade payables	294	(1,910)
Accrued expenses and other short term liabilities	(6,421)	(4,580)
Severance pay	(219)	(4)
Deferred revenues	(3,203)	(2,702)
Other long term liabilities	(199)	(521)
Net cash provided by operating activities	8,297	5,442
Cash flows from investing activities:
Increase in short-term deposit	(4,757)	(250)
Increase in long-term deposits	(140)
Increase in restricted cash	(29)	(17)
Purchase of property and equipment	(1,498)	(722)
Net cash used in investing activities	(6,424)	(989)
Cash flows from financing activities:
Proceeds from employee stock plans, net	882	761
Net cash provided by financing activities	882	761
Increase in cash and cash equivalents	2,755	5,214
Cash and cash equivalents at beginning of period	48,315	49,241
Cash and cash equivalents at end of period	51,070	54,455
Supplemental disclosure of cash flow information:
Cash paid for income taxes	$ 20	$ 66

Note 1 - General

Note 1 - General	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	NOTE 1: GENERAL a. Varonis Systems, Inc. (“VSI” and together with its subsidiaries, collectively, the “Company”) was incorporated under the laws of the State of Delaware on November 3, 2004 January 1, 2005. VSI has seven November 24, 2004; March 14, 2007; July 6, 2011; (“VSF February 22, 2012; February 19, 2013; November 11, 2016; February 28, 2017. The Company’s software products and services allow enterprises to manage, analyze and secure enterprise data. The Company specializes in creating software that manages and protects enterprise data against insider threats, data breaches and cyberattacks by detecting and alerting on deviations from known behavioral baselines, identifying and mitigating exposures of sensitive data, and automating processes to secure enterprise data. Enterprise data under our scope is typically comprised of sensitive information that is stored in spreadsheets, emails, word processing documents, presentations, audio files, video files, text messages and any other data created by employees. This data often contains an enterprise’s financial information, product plans, strategic initiatives, intellectual property and numerous other forms of vital information. Through its products the DatAdvantage platform (including DatAlert), DataPrivilege, IDU Classification Framework, DatAnywhere, Data Transport Engine and DatAnswers, the software platform allows enterprises to protect sensitive data from insider threats and cyberattacks, and realize the value of their enterprise data in ways that are not resource-intensive and easy to implement. VSI markets and sells products and services mainly in the United States. VSUK, VSG, VSF, VSC and VSA resell the Company’s products and services mainly in the UK, Germany, France and rest of Europe, Canada and Australia, respectively. The Company primarily sells its products and services to a global network of distributors and Value Added Resellers (VARs), which sell the products to end user customers. b. Basis of Presentation: The accompanying unaudited consolidated interim financial statements have been prepared in accordance with Article 10 10 In management’s opinion, the Company has made all adjustments (consisting only of normal, recurring adjustments, except as otherwise indicated) necessary to fairly present its consolidated financial position, results of operations and cash flows. The Company’s interim period operating results do not necessarily indicate the results that may 2016 10 December 31, 2016 February 9, 2017 “2016 10 December 31, 2016 2016 10 During the three March 31, 2017, 2016 09, 718)” 2016 09”) 2016 09 2016 09, $2,616 January 1, 2017. ASU 2016 09 $7,131 $718 December 31, 2016, 2016 09, 2016 09 January 1, 2017. January 1, 2017 no March 31, 2017. Additionally, ASU 2016 09 c. Derivative Instruments: The Company’s primary objective for holding derivative instruments is to reduce its exposure to foreign currency rate changes. The Company reduces its exposure by entering into forward foreign exchange contracts with respect to operating expenses that are forecast to be incurred in currencies other than the U.S. dollar. A majority of the Company’s revenues and a majority of its operating expenditures are transacted in U.S. dollars. However, certain operating expenditures are incurred in or exposed to other currencies, primarily the New Israeli Shekel (“NIS”). The Company has established forecasted transaction currency risk management programs to protect against fluctuations in fair value and the volatility of future cash flows caused by changes in exchange rates. The Company’s currency risk management program includes forward foreign exchange contracts designated as cash flow hedges. These forward foreign exchange contracts generally mature within 12 Derivative instruments measured at fair value and their classification on the consolidated balance sheets are presented in the following table (in thousands): Assets as of Liabilities as of Notional Fair Notional Fair Foreign exchange forward contract derivatives in cash flow hedging relationships - included in other current assets and accrued expenses and other short term liabilities $ 35,508 $ 1,645 $ 46,116 $ (479 ) For the three March 31, 2017, $265 three March 31, 2016, $72 three March 31, 2017 2016. d Recently Issued Accounting Pronouncements: In May 2014, 2014 09, and issued subsequent amendments to the initial guidance in March 2016, April 2016, May 2016 December 2016 2016 08, 2016 10, 2016 12, 2016 20, 2014 09 December 15, 2016 may July 9, 2015, one 2014 09. December 15, 2017 2017 January 1, 2018, may In May 2016, 2016 11, December 15, 2017. In February 2016, 2016 02, 12 12 842 840, December 15, 2018, In November 2016, 2016 18, 230): December 15, 2017

Note 2 - Fair Value Measurement

Note 2 - Fair Value Measurements	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Fair Value Disclosures [Text Block]	NOTE 2: FAIR VALUE MEASUREMENTS The Company evaluates assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level to classify them for each reporting period. There have been no transfers between fair value measurements levels during the three March 31, 2017. The authoritative guidance on fair value measurements establishes a consistent framework for measuring fair value on either a recurring or nonrecurring basis whereby inputs, used in valuation techniques, are assigned a hierarchical level. The following are the hierarchical levels of inputs to measure fair value: • Level 1: • Level 2: • Level 3: The following table sets forth the Company’s assets and liabilities that were measured at fair value as of March 31, 2017 December 31, 2016 As of March 31, 2017 As of December 31, 2016 Level Level Level Fair Level Level Level Fair Financial assets: Forward foreign exchange contracts – 1,645 – 1,645 – – – – Financial liabilities: Forward foreign exchange contracts – – – – – (479 ) – (479 ) Total financial assets (liabilities) $ – $ 1,645 $ – $ 1,645 $ – $ (479 ) $ – $ (479 )

Note 3 - Commitments and Contin

Note 3 - Commitments and Contingent Liabilities	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	NOTE 3: COMMITMENTS AND CONTINGENT LIABILITIES a. Liens: The Company has several liens granted to financial institutions mainly to secure various operating lease agreements in connection with its office space. b. Lease Commitments: The Company rents its facilities in all locations under operating leases with lease periods expiring from 2017 2026. 2017 2020. Aggregate minimum rental commitments under non-cancelable leases as of March 31, 2017 (unaudited) 2017 $ 3,828 2018 4,706 2019 4,764 2020 3,462 2021 3,472 Thereafter 13,041 $ 33,273 Total rent expenses for the three March 31, 2017 December 31, 2016 $883 $3,258, March 31, 2017 $1,315. For leases that contain predetermined fixed escalations of the minimum rent, the Company recognizes the related rent expense on a straight-line basis from the date of possession of the property to the end of the initial lease term. The Company records any differences between the straight-line rent amounts and amounts payable under the leases as part of deferred rent, in accrued liabilities or long-term liabilities, as appropriate. Cash or lease incentives received upon entering into certain leases (“tenant tenant c. Credit Facility: On March 31, 2014, may $7,000 0.15%. March 31, 2017, 3.85%. may May 15, 2017 March 31, 2017, no

Note 4 - Stockholders' Equity

Note 4 - Stockholders' Equity	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	NOTE 4:– STOCKHOLDERS’ EQUITY a. On December 30, 2005, 2005 “2005 December 31, 2013, 4,713,319 four 2005 December 31, 2013, 2005 On November 14, 2013, 2013 “2013 1,904,633 2013 2013 January 1, 2016 January 1 four (4%) December 31 2013 five (5%) December 31. January 1, 2016 2017, 2013 1,042,766 1,072,870 2013 four 2013 A summary of employees’ stock options activities during the three March 31, 2017 Three Months Ended Number Weighted average Aggregate Weighted average Options outstanding as of January 1, 2017 2,388,348 $ 15.243 $ 30,025 5.861 Granted - $ - Exercised (126,070 ) $ 7.417 Forfeited (5,749 ) $ 26.634 Options outstanding as of March 31, 2017 2,256,529 $ 15.654 $ 37,625 5.689 Options exercisable at the end of the period 1,750,759 $ 13.536 $ 32,869 5.113 The aggregate intrinsic value in the table above represents the total intrinsic value that would have been received by the option holders had all option holders exercised their options on the last date of the exercise period. Total intrinsic value of options exercised for the three March 31, 2017 $2,690. b. The options outstanding as of March 31, 2017 Range of exercise price Options outstanding as of March 31, 2017 Weighted average remaining contractual life (years) Weighted average exercise price Options exercisable as of March 31, 2017 Weighted average remaining contractual life (years) Weighted average exercise price of options exercisable $1.039 - $1.576 640,966 2.183 $ 1.323 640,966 2.183 $ 1.323 $6.230 - 8.800 82,174 4.732 $ 6.991 82,174 4.732 $ 6.991 $12.470 - 16.870 413,768 6.897 $ 13.906 305,515 6.282 $ 12.997 $19.510 - 21.660 529,192 7.392 $ 21.205 326,929 7.340 $ 21.202 $22.010 - 24.230 288,474 7.050 $ 22.287 203,947 7.040 $ 22.327 $29.880 154,200 7.899 $ 29.880 80,322 7.899 $ 29.880 $39.860 147,755 6.978 $ 39.860 110,906 6.978 $ 39.860 2,256,529 5.689 $ 15.654 1,750,759 5.113 $ 13.536 c. Options issued to consultants: The Company’s outstanding options granted to consultants for services as of March 31, 2017 Options for Exercise price Options Exercisable (number) (number) February 2013 1,500 $ 12.470 1,500 February 2023 August 2013 4,188 $ 21.140 3,297 August 2023 March 2014 13,100 $ 39.860 9,727 March 2024 May 2014 6,387 $ 22.010 4,261 May 2024 November 2014 9,821 $ 21.660 5,390 November 2024 May 2015 5,000 $ 19.510 2,294 May 2025 February 2016 2,500 $ 16.870 675 February 2026 42,496 27,144 d. Restricted stock units: A summary of restricted stock units for employees, consultants and non-employee directors of the Company for the three March 31, 2017 Number of Weighted- Unvested balance - January 1, 2017 1,399,127 $ 19.96 Granted 898,950 $ 28.17 Vested (241,931 ) $ 20.23 Forfeited (15,787 ) $ 22.05 Unvested balance – March 31, 2017 2,040,359 $ 24.18 e. As of March 31, 2017, $6,203 $46,547 1.565 3.400 f. 2015 On May 5, 2015, 2015 March 19, 2015. June 30, 2015. 15% 85% first 500,000 January 1, 2016, January 1 one (1%) December 31 two (2%) December 31, 400,000 January 1, 2016 2017, 21,383 158,695 June 30, 2025; g. Stock-based compensation expense for employees and consultants: The Company recognized non-cash stock-based compensation expense in the consolidated statements of operations as follows: Three Months Ended March 31, 2017 2016 (unaudited) (in thousands) Cost of revenues $ 227 $ 146 Research and development 1,130 665 Sales and marketing 2,059 1,175 General and administrative 988 638 Total $ 4,404 $ 2,624 Since the Company is in a net loss position for all periods presented, basic net loss per share is the same as diluted net loss per share for all the periods as the inclusion of all potential common shares outstanding would have been anti-dilutive. There are 4,339,384 4,202,714 March 31, 2017 2016,

Note 5 - Geographic Information

Note 5 - Geographic Information and Major Customer and Product Data	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	NOTE 5: GEOGRAPHIC INFORMATION AND MAJOR CUSTOMER AND PRODUCT DATA Summary information about geographic areas: ASC 280, one 1 Three Months Ended 2017 2016 (unaudited) (in thousands) Revenues based on customer’s location: United States $ 24,409 $ 17,515 EMEA (*) 13,241 10,497 Rest of World 2,730 2,458 Total revenues $ 40,380 $ 30,470 (*) Sales to customers in the UK accounted for $4,389 three March 31, 2017. $3,150 three March 31, 2016. March 31, December 31, (unaudited) (in thousands) Long-lived assets by geographic region: United States $ 7,603 $ 7,664 Israel 2,748 1,827 Other 435 419 $ 10,786 $ 9,910

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	b. Basis of Presentation: The accompanying unaudited consolidated interim financial statements have been prepared in accordance with Article 10 10 In management’s opinion, the Company has made all adjustments (consisting only of normal, recurring adjustments, except as otherwise indicated) necessary to fairly present its consolidated financial position, results of operations and cash flows. The Company’s interim period operating results do not necessarily indicate the results that may 2016 10 December 31, 2016 February 9, 2017 “2016 10 December 31, 2016 2016 10 During the three March 31, 2017, 2016 09, 718)” 2016 09”) 2016 09 2016 09, $2,616 January 1, 2017. ASU 2016 09 $7,131 $718 December 31, 2016, 2016 09, 2016 09 January 1, 2017. January 1, 2017 no March 31, 2017. Additionally, ASU 2016 09
Derivatives, Policy [Policy Text Block]	c. Derivative Instruments: The Company’s primary objective for holding derivative instruments is to reduce its exposure to foreign currency rate changes. The Company reduces its exposure by entering into forward foreign exchange contracts with respect to operating expenses that are forecast to be incurred in currencies other than the U.S. dollar. A majority of the Company’s revenues and a majority of its operating expenditures are transacted in U.S. dollars. However, certain operating expenditures are incurred in or exposed to other currencies, primarily the New Israeli Shekel (“NIS”). The Company has established forecasted transaction currency risk management programs to protect against fluctuations in fair value and the volatility of future cash flows caused by changes in exchange rates. The Company’s currency risk management program includes forward foreign exchange contracts designated as cash flow hedges. These forward foreign exchange contracts generally mature within 12 Derivative instruments measured at fair value and their classification on the consolidated balance sheets are presented in the following table (in thousands): Assets as of Liabilities as of Notional Fair Notional Fair Foreign exchange forward contract derivatives in cash flow hedging relationships - included in other current assets and accrued expenses and other short term liabilities $ 35,508 $ 1,645 $ 46,116 $ (479 ) For the three March 31, 2017, $265 three March 31, 2016, $72 three March 31, 2017 2016.
New Accounting Pronouncements, Policy [Policy Text Block]	d Recently Issued Accounting Pronouncements: In May 2014, 2014 09, and issued subsequent amendments to the initial guidance in March 2016, April 2016, May 2016 December 2016 2016 08, 2016 10, 2016 12, 2016 20, 2014 09 December 15, 2016 may July 9, 2015, one 2014 09. December 15, 2017 2017 January 1, 2018, may In May 2016, 2016 11, December 15, 2017. In February 2016, 2016 02, 12 12 842 840, December 15, 2018, In November 2016, 2016 18, 230): December 15, 2017

Note 1 - General (Tables)

Note 1 - General (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]	Assets as of Liabilities as of Notional Fair Notional Fair Foreign exchange forward contract derivatives in cash flow hedging relationships - included in other current assets and accrued expenses and other short term liabilities $ 35,508 $ 1,645 $ 46,116 $ (479 )

Note 2 - Fair Value Measureme14

Note 2 - Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	As of March 31, 2017 As of December 31, 2016 Level Level Level Fair Level Level Level Fair Financial assets: Forward foreign exchange contracts – 1,645 – 1,645 – – – – Financial liabilities: Forward foreign exchange contracts – – – – – (479 ) – (479 ) Total financial assets (liabilities) $ – $ 1,645 $ – $ 1,645 $ – $ (479 ) $ – $ (479 )

Note 3 - Commitments and Cont15

Note 3 - Commitments and Contingent Liabilities (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	(unaudited) 2017 $ 3,828 2018 4,706 2019 4,764 2020 3,462 2021 3,472 Thereafter 13,041 $ 33,273

Note 4 - Stockholders' Equity (

Note 4 - Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Tables
Share-based Compensation, Stock Options, Activity [Table Text Block]	Three Months Ended Number Weighted average Aggregate Weighted average Options outstanding as of January 1, 2017 2,388,348 $ 15.243 $ 30,025 5.861 Granted - $ - Exercised (126,070 ) $ 7.417 Forfeited (5,749 ) $ 26.634 Options outstanding as of March 31, 2017 2,256,529 $ 15.654 $ 37,625 5.689 Options exercisable at the end of the period 1,750,759 $ 13.536 $ 32,869 5.113
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block]	Range of exercise price Options outstanding as of March 31, 2017 Weighted average remaining contractual life (years) Weighted average exercise price Options exercisable as of March 31, 2017 Weighted average remaining contractual life (years) Weighted average exercise price of options exercisable $1.039 - $1.576 640,966 2.183 $ 1.323 640,966 2.183 $ 1.323 $6.230 - 8.800 82,174 4.732 $ 6.991 82,174 4.732 $ 6.991 $12.470 - 16.870 413,768 6.897 $ 13.906 305,515 6.282 $ 12.997 $19.510 - 21.660 529,192 7.392 $ 21.205 326,929 7.340 $ 21.202 $22.010 - 24.230 288,474 7.050 $ 22.287 203,947 7.040 $ 22.327 $29.880 154,200 7.899 $ 29.880 80,322 7.899 $ 29.880 $39.860 147,755 6.978 $ 39.860 110,906 6.978 $ 39.860 2,256,529 5.689 $ 15.654 1,750,759 5.113 $ 13.536
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]	Options for Exercise price Options Exercisable (number) (number) February 2013 1,500 $ 12.470 1,500 February 2023 August 2013 4,188 $ 21.140 3,297 August 2023 March 2014 13,100 $ 39.860 9,727 March 2024 May 2014 6,387 $ 22.010 4,261 May 2024 November 2014 9,821 $ 21.660 5,390 November 2024 May 2015 5,000 $ 19.510 2,294 May 2025 February 2016 2,500 $ 16.870 675 February 2026 42,496 27,144
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block]	Number of Weighted- Unvested balance - January 1, 2017 1,399,127 $ 19.96 Granted 898,950 $ 28.17 Vested (241,931 ) $ 20.23 Forfeited (15,787 ) $ 22.05 Unvested balance – March 31, 2017 2,040,359 $ 24.18
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]	Three Months Ended March 31, 2017 2016 (unaudited) (in thousands) Cost of revenues $ 227 $ 146 Research and development 1,130 665 Sales and marketing 2,059 1,175 General and administrative 988 638 Total $ 4,404 $ 2,624

Note 5 - Geographic Informati17

Note 5 - Geographic Information and Major Customer and Product Data (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Tables
Revenue from External Customers by Geographic Areas [Table Text Block]	Three Months Ended 2017 2016 (unaudited) (in thousands) Revenues based on customer’s location: United States $ 24,409 $ 17,515 EMEA (*) 13,241 10,497 Rest of World 2,730 2,458 Total revenues $ 40,380 $ 30,470
Long-lived Assets by Geographic Areas [Table Text Block]	March 31, December 31, (unaudited) (in thousands) Long-lived assets by geographic region: United States $ 7,603 $ 7,664 Israel 2,748 1,827 Other 435 419 $ 10,786 $ 9,910

Note 1 - General (Details Textu

Note 1 - General (Details Textual) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)	Mar. 31, 2016USD ($)	Jan. 01, 2017USD ($)	Dec. 31, 2016USD ($)
Operations Commenced Date	Jan. 1, 2005
Subsidiary or Equity Method Investee, Number	7
Entity Incorporation, Date of Incorporation	Nov. 24, 2004
Gain (Loss) on Foreign Currency Fair Value Hedge Derivatives	$ 265	$ (72)
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member]
Net Operating Losses Related to Excess Tax Benefit				$ 7,131
State and Local Jurisdiction [Member]
Net Operating Losses Related to Excess Tax Benefit				$ 718
Retained Earnings [Member] | Accounting Standards Update 2016-09 [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	$ 0		$ 2,616

Note 1 - General - Derivative I

Note 1 - General - Derivative Instruments Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Notional Amount	$ 35,508	$ 46,116
Derivative Assets, Fair Value	1,645	479
Derivative Liabilities, Fair Value	$ (1,645)	$ (479)

Note 2 - Fair Value Measureme20

Note 2 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value (Details) $ in Thousands	Mar. 31, 2017USD ($)
Financial liabilities	$ (479)
Foreign Exchange Forward [Member]
Financial assets
Financial liabilities	(479)
Fair Value, Inputs, Level 1 [Member]
Financial assets	1,645
Fair Value, Inputs, Level 1 [Member] | Foreign Exchange Forward [Member]
Financial assets	1,645
Financial liabilities
Fair Value, Inputs, Level 2 [Member]
Financial assets	1,645
Fair Value, Inputs, Level 2 [Member] | Foreign Exchange Forward [Member]
Financial assets	1,645
Financial liabilities
Fair Value, Inputs, Level 3 [Member]
Financial liabilities	(479)
Fair Value, Inputs, Level 3 [Member] | Foreign Exchange Forward [Member]
Financial assets
Financial liabilities	$ (479)

Note 3 - Commitments and Cont21

Note 3 - Commitments and Contingent Liabilities (Details Textual) - USD ($) $ in Thousands	Mar. 31, 2014	Mar. 31, 2017	Dec. 31, 2016
Operating Leases, Rent Expense		$ 883	$ 3,258
Operating Leases, Future Minimum Payments Due, Future Minimum Sublease Rentals		$ 1,315
Promissory Note [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 7,000
Debt Instrument, Basis Spread on Variable Rate	0.15%
Line of Credit Facility, Interest Rate at Period End		3.85%
Long-term Line of Credit		$ 0

Note 3 - Commitments and Cont22

Note 3 - Commitments and Contingent Liabilities - Aggregate Minimum Rental Commitments Under Non-cancelable Leases (Details) $ in Thousands	Mar. 31, 2017USD ($)
2,017	$ 3,828
2,018	4,706
2,019	4,764
2,020	3,462
2,021	3,472
Thereafter	13,041
Total	$ 33,273

Note 4 - Stockholders' Equity23

Note 4 - Stockholders' Equity (Details Textual) - USD ($)	Jan. 01, 2017	Jan. 01, 2016	Jun. 30, 2015	Nov. 14, 2013	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2013
Common Stock, Capital Shares Reserved for Future Issuance, Annual Increase, Maximum	1,072,870	1,042,766
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value					$ 2,690,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross
Employee Stock Option [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized					$ 6,203,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition					1 year 206 days
Restricted Stock [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized					$ 46,547
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition					3 years 146 days
Restricted Stock Units and Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount					4,339,384	4,202,714
The 2005 Stock Plan [Member]
Common Stock, Capital Shares Reserved for Future Issuance							4,713,319
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross					0
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant					0
The 2005 Stock Plan [Member] | Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period							4 years
The 2013 Omnibus Equity Award Plan [Member]
Common Stock, Capital Shares Reserved for Future Issuance				1,904,633
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Outstanding Stock Reserved for Grant				4.00%
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Outstanding Stock Maximum				5.00%
The 2013 Omnibus Equity Award Plan [Member] | Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period				4 years
2015 ESPP [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Employee Subscription Rate			15.00%
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent			85.00%
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized			500,000
Percent of Shares Increase, Employee Stock Purchase Plan			1.00%
Common Stock Availability Threshold, Employee Stock Purchase Plan			2.00%
Shares Increase Threshold, Employee Stock Purchase Plan			400,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized	158,695	21,383

Note 4 - Stockholders' Equity -

Note 4 - Stockholders' Equity - Summary of Employees' Stock Options Activities (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Options outstanding (in shares)	2,388,348
Options outstanding (in dollars per share)	$ 15.243
Options outstanding	$ 37,625	$ 30,025
Options outstanding (Year)	5 years 251 days	5 years 314 days
Granted (in shares)
Granted (in dollars per share)
Exercised (in shares)	(126,070)
Exercised (in dollars per share)	$ 7.417
Forfeited (in shares)	(5,749)
Forfeited (in dollars per share)	$ 26.634
Options outstanding (in shares)	2,256,529	2,388,348
Options outstanding (in dollars per share)	$ 15.654	$ 15.243
Options exercisable at the end of the year (in shares)	1,750,759
Options exercisable at the end of the year (in dollars per share)	$ 13.536
Options exercisable at the end of the year	$ 32,869
Options exercisable at the end of the year (Year)	5 years 41 days

Note 4 - Stockholders' Equity25

Note 4 - Stockholders' Equity - Options Outstanding Separated Into Range of Exercise Price (Details)	3 Months Ended
	Mar. 31, 2017$ / sharesshares
Outstanding (in shares) | shares	2,256,529
Weighted average remaining contractual life, outstanding (Year)	5 years 251 days
Weighted average exercise price, outstanding (in dollars per share)	$ 15.654
Exercisable (in shares) | shares	1,750,759
Weighted average remaining contractual life, exercisable (Year)	5 years 41 days
Weighted average exercise price, exercisable (in dollars per share)	$ 13.536
Range One [Member]
Lower range (in dollars per share)	1.039
Upper range (in dollars per share)	$ 1.576
Outstanding (in shares) | shares	640,966
Weighted average remaining contractual life, outstanding (Year)	2 years 66 days
Weighted average exercise price, outstanding (in dollars per share)	$ 1.323
Exercisable (in shares) | shares	640,966
Weighted average remaining contractual life, exercisable (Year)	2 years 66 days
Weighted average exercise price, exercisable (in dollars per share)	$ 1.323
Range Two [Member]
Lower range (in dollars per share)	6.23
Upper range (in dollars per share)	$ 8.80
Outstanding (in shares) | shares	82,174
Weighted average remaining contractual life, outstanding (Year)	4 years 267 days
Weighted average exercise price, outstanding (in dollars per share)	$ 6.991
Exercisable (in shares) | shares	82,174
Weighted average remaining contractual life, exercisable (Year)	4 years 267 days
Weighted average exercise price, exercisable (in dollars per share)	$ 6.991
Range Three [Member]
Lower range (in dollars per share)	12.47
Upper range (in dollars per share)	$ 16.87
Outstanding (in shares) | shares	413,768
Weighted average remaining contractual life, outstanding (Year)	6 years 327 days
Weighted average exercise price, outstanding (in dollars per share)	$ 13.906
Exercisable (in shares) | shares	305,515
Weighted average remaining contractual life, exercisable (Year)	6 years 102 days
Weighted average exercise price, exercisable (in dollars per share)	$ 12.997
Range Four [Member]
Lower range (in dollars per share)	19.51
Upper range (in dollars per share)	$ 21.66
Outstanding (in shares) | shares	529,192
Weighted average remaining contractual life, outstanding (Year)	7 years 143 days
Weighted average exercise price, outstanding (in dollars per share)	$ 21.205
Exercisable (in shares) | shares	326,929
Weighted average remaining contractual life, exercisable (Year)	7 years 124 days
Weighted average exercise price, exercisable (in dollars per share)	$ 21.202
Range Five [Member]
Lower range (in dollars per share)	22.01
Upper range (in dollars per share)	$ 24.23
Outstanding (in shares) | shares	288,474
Weighted average remaining contractual life, outstanding (Year)	7 years 18 days
Weighted average exercise price, outstanding (in dollars per share)	$ 22.287
Exercisable (in shares) | shares	203,947
Weighted average remaining contractual life, exercisable (Year)	7 years 14 days
Weighted average exercise price, exercisable (in dollars per share)	$ 22.327
Range Six [Member]
Outstanding (in shares) | shares	154,200
Weighted average remaining contractual life, outstanding (Year)	7 years 328 days
Weighted average exercise price, outstanding (in dollars per share)	$ 29.88
Exercisable (in shares) | shares	80,322
Weighted average remaining contractual life, exercisable (Year)	7 years 328 days
Weighted average exercise price, exercisable (in dollars per share)	$ 29.88
Range Seven [Member]
Outstanding (in shares) | shares	147,755
Weighted average remaining contractual life, outstanding (Year)	6 years 356 days
Weighted average exercise price, outstanding (in dollars per share)	$ 39.86
Exercisable (in shares) | shares	110,906
Weighted average remaining contractual life, exercisable (Year)	6 years 356 days
Weighted average exercise price, exercisable (in dollars per share)	$ 39.86

Note 4 - Stockholders' Equity26

Note 4 - Stockholders' Equity - Outstanding Options Granted to Consultants for Sales and Pre-marketing Services (Details)	3 Months Ended
	Mar. 31, 2017$ / sharesshares
Granted (in dollars per share) | $ / shares
Options exercisable at the end of the year (in shares)	1,750,759
Consultants [Member]
Options for shares of common stock (in shares)	42,496
Options exercisable at the end of the year (in shares)	27,144
February 2013 [Member] | Consultants [Member]
Options for shares of common stock (in shares)	1,500
Granted (in dollars per share) | $ / shares	$ 12.47
Options exercisable at the end of the year (in shares)	1,500
Exercisable through	February 2,023
August 2013 [Member] | Consultants [Member]
Options for shares of common stock (in shares)	4,188
Granted (in dollars per share) | $ / shares	$ 21.14
Options exercisable at the end of the year (in shares)	3,297
Exercisable through	August 2,023
March 2014 [Member] | Consultants [Member]
Options for shares of common stock (in shares)	13,100
Granted (in dollars per share) | $ / shares	$ 39.86
Options exercisable at the end of the year (in shares)	9,727
Exercisable through	March 2,024
May 2014 [Member] | Consultants [Member]
Options for shares of common stock (in shares)	6,387
Granted (in dollars per share) | $ / shares	$ 22.01
Options exercisable at the end of the year (in shares)	4,261
Exercisable through	May 2,024
November 2014 [Member] | Consultants [Member]
Options for shares of common stock (in shares)	9,821
Granted (in dollars per share) | $ / shares	$ 21.66
Options exercisable at the end of the year (in shares)	5,390
Exercisable through	November 2,024
May 2015 [Member] | Consultants [Member]
Options for shares of common stock (in shares)	5,000
Granted (in dollars per share) | $ / shares	$ 19.51
Options exercisable at the end of the year (in shares)	2,294
Exercisable through	May 2,025
February 2016 [Member] | Consultants [Member]
Options for shares of common stock (in shares)	2,500
Granted (in dollars per share) | $ / shares	$ 16.87
Options exercisable at the end of the year (in shares)	675
Exercisable through	February 2,026

Note 4 - Stockholders' Equity27

Note 4 - Stockholders' Equity - Summary of Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) [Member]	3 Months Ended
	Mar. 31, 2017$ / sharesshares
Unvested balance (in shares) | shares	1,399,127
Unvested balance (in dollars per share) | $ / shares	$ 19.96
Granted (in shares) | shares	898,950
Granted (in dollars per share) | $ / shares	$ 28.17
Vested (in shares) | shares	(241,931)
Vested (in dollars per share) | $ / shares	$ 20.23
Forfeited (in shares) | shares	(15,787)
Forfeited (in dollars per share) | $ / shares	$ 22.05
Unvested balance (in shares) | shares	2,040,359
Unvested balance (in dollars per share) | $ / shares	$ 24.18

Note 4 - Stockholders' Equity28

Note 4 - Stockholders' Equity - Summary of Recognized Non-cash Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Allocated share-based compensation	$ 4,404	$ 2,624
Cost of Sales [Member]
Allocated share-based compensation	227	146
Research and Development Expense [Member]
Allocated share-based compensation	1,130	665
Selling and Marketing Expense [Member]
Allocated share-based compensation	2,059	1,175
General and Administrative Expense [Member]
Allocated share-based compensation	$ 988	$ 638

Note 5 - Geographic Informati29

Note 5 - Geographic Information and Major Customer and Product Data (Details Textual) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)	Mar. 31, 2016USD ($)
Number of Reportable Segments	1
Revenues	$ 40,380	$ 30,470
UNITED KINGDOM
Revenues	$ 4,389
FRANCE
Revenues		$ 3,150

Note 5 - Geographic Informati30

Note 5 - Geographic Information and Major Customer and Product Data - Summary of Revenues Within Geographical Areas (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
Revenues		$ 40,380	$ 30,470
UNITED STATES
Revenues		24,409	17,515
EMEA [Member]
Revenues	[1]	13,241	10,497
Rest of World [Member]
Revenues		$ 2,730	$ 2,458
[1]	Sales to customers in the UK accounted for $4,389 of the Company’s revenues for the three months ended March 31, 2017. Sales to customers in France accounted for $3,150 of the Company’s revenues for the three months ended March 31, 2016.

Note 5 - Geographic Informati31

Note 5 - Geographic Information and Major Customer and Product Data - Summary of Long-lived Assets by Geographic Region (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Property and equipment, net	$ 10,786	$ 9,910
UNITED STATES
Property and equipment, net	7,603	7,664
ISRAEL
Property and equipment, net	2,748	1,827
Other [Member]
Property and equipment, net	$ 435	$ 419